ADVISOR CONNECT
Financial Insights and Growth Strategies | Fall 2018
Women Are Ideal Clients for Comprehensive Wealth Management pg. 8
Build Credibility On LinkedIn: 3 Profile Wins, pg. 14 Candid Conversation with Katie Waters, pg. 16 Did You Get My Text?, pg. 32
Women and Investing
Identifying Ideal Clients and Advisors to Grow Your Business In this season of gratitude, I want to thank you again for your continued support and partnership. We have made significant strides this year to improve our employee talent, expand our ProElite benefits program, provide PESolutions support, and establish the Customer Experience focus group and Advisory Boards, in addition to our ongoing improvements in technology and operations.
Chris Flint President & CEO
We have an evolving position in the marketplace that will continue to mature. We realize the need to build an inclusive network of financial advisors to address the growing needs of diverse clients. To this end, two peer groups were formed to boost the influence of female and millennial advisors — more on page 22. This fall issue presents several unique approaches to leverage female advisors and clients for business growth, including: • Recruiting women and building an infrastructure that retains them (page 20); • Understanding investment preferences of female investors, based on market volatility and financial security expectations (page 8); and, • Building strong relationships with a foundation of mutual decision-making (page 16). There will be a dedicated session for our Women’s Networking Forum at the 2019 APEX Conference in March at Universal Studios Orlando. This national business development event provides actionable insights to help deliver a better client experience, increase profitability, and improve effectiveness. In the meantime, please use this publication as a way to stay informed about what’s happening across the industry and the actions that ProEquities is taking to support our advisors.
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Women Are Ideal Clients for Advisory
Did You Get My Text?
pg. 8
pg. 32
pg. 14
pg. 16
3 Quick LinkedIn Profile Wins
Candid Conversation with Advisor Katie Waters
Contents WEALTH MANAGEMENT
Set Competitive Fees for Financial Planning and Financial Advice Rapid UMA Growth: Program Benefits and Client Advantages CLIENT ACQUISITION
Women Investors May Need a Different Approach PRACTICE MANAGEMENT
Bridging the Gender Divide: How to Recruit Female Advisors Peer Groups for Advisors RESOURCES AND SUPPORT
ProEquities Raised $26K For Local Non-Profit in Bermuda ProElite Continues to Enhance Your Experience Welcome New Advisors
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4 6 12 20 22 26 29 34
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Set Competitive Fees for Financial Planning and Financial Advice by Mac Frasier, CFPÂŽ
We conducted a survey last October to understand how we can better support your financial planning success. The most common question we received was about what to charge for financial planning services.
We have created a reference guide to help advisors develop and refine comprehensive financial plans or financial advice for your clients. Keep in mind, advisors who wish to provide financial planning or advice for a fee must be registered as an Investment Advisor Representative (IAR) under the ProEquities Corporate RIA.
services, and the pricing grid assigns points from simple to complicated situations. The more points the advisor assigns, the higher the fee range becomes. Advisors input information into the matrix then combine the total score with the client's net worth to determine a a reasonable fee range.
The guidelines help shape appropriate pricing given A dynamic pricing matrix was individual circumstances. They designed as a reference to also provide a consistent process determine what constitutes to identify and categorize fee appropriate and reasonable ranges from simple to advanced fees for your financial planning cases. services. There are a number of factors to consider when pricing your financial planning
DYNAMIC PRICING MATRIX
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FACTORS TO CONSIDER
Many of the factors to consider when setting reasonable fees are listed in the matrix, including household income, types of assets and ownership, investment time horizon, and family status. The pricing grid even takes planner experience, financial objectives, and special circumstances into account. Additional documentation may be required if financial planning fees appear unreasonable against a client’s income and net worth. Possible justifications for a higher fee might include an expected dramatic increase in salary, an inheritance or other lump sum of money, or JoinProEquities.com
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wealth management Other resources are provided to help advisors develop a comprehensive financial plan, including established assumptions based on historical data, approved software platforms, payment schedules, and frequently asked questions. more challenging issues such as divorce, disability, special needs, etc. While the grid serves as a solid foundation, there will always be situations that fall outside the norm.
Download the Guide at Advisor Portal > Advisory, Planning & Product > Financial Planning > Financial Planning Resources.
SHARED ASSUMPTIONS, APPROVED SOFTWARE, AND FAQS AVAILABLE
ProEquities advisors that are new to planning or working on a complicated case should take advantage of the PESolutions team with over 150 years of combined experience in the financial services industry, including 50 plus years spent as practicing advisors. Some of our designations include: CFP®, CIMA®, CRPC, CFA, CPFA, and MBA.
The Financial Planning and Financial Advice Guide presents several case studies with reasonable and inflated pricing scenarios to further describe acceptable fees. Other helpful resources are provided to help advisors develop a comprehensive financial plan, including established assumptions based on historical data, approved software platforms, payment schedules, and frequently asked questions about the formalized process. For Advisor Use Only
TAP INTO PESOLUTIONS FOR EXPERTISE
Send questions to us at PESolutions@proequities.com.
Mac Frasier, CFP® Senior Investment Analyst 205.268.2056 or William.Frasier@proequities.com JoinProEquities.com
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Rapid UMA Growth: Program Benefits and Client Advantages by Daniel Jones, CFP®, CRPC®
More than $81.4B in net flows was added to Unified Managed Accounts (UMA) across the industry in 2017. At ProEquities, the UMA program has grown 50% year-over-year as of September 2018.
Effective May 2018, the UMA program minimum was reduced by half and is available starting at $50K.
A unified managed account allows allocations to multiple SMAs or strategists in a single account. In addition, the advisor can drop in personally managed securities to complement the third-party managers. Advisors can seamlessly transition from one manager to another without having to repaper the account. In essence, the UMA saves time by limiting the operational workload that would traditionally be required in this type of move. There are many additional benefits for advisors and clients to invest in the UMA. For Advisor Use Only
GROWING LIST OF ADVANTAGES
Effective May 2018, the UMA program minimum was reduced by half and is available starting at $50K. Keep in mind that each manager’s minimum must be met, which could increase the overall account minimum. The UMA provides advisors the ability to access institutional quality managers at significantly reduced minimums with streamlined paperwork and competitive costs.
Efficiencies in Portfolio Management You can build and save UMA models and apply them to multiple client accounts. This makes it easy to implement portfolio adjustments, such as asset allocation or manager changes to all accounts associated with a single model. Overlay Management As the overlay manager, Envestnet will place trades on ProEquities AMPSM as necessary when you or JoinProEquities.com
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wealth management Unified Managed Account (UMA) the money managers you
to support advisors in creating
One Set of Papers and One
PESolutions offers AMP training
reporting while still providing portfolio diversification. Why the Envestnet UMA?
more about the UMA program at PESolutions@proequities.com.
A UMAmake offers a diversified, multi-asset portfolio in a solutions for your clients selected changes to the optimaltax-aware, single account whose areofdesigned in the areas investmentto meet your clients’ investments in the model. The contents advisory, insurance, investments, solution alsoinvestment includes ongoing specific needs. What makes the Envestnet UMA special and quality retail retirement plans. at greatly reduced “frictionless” is access rebalancing to institutional managers without advisor instruction. minimums, with streamlined paperwork and reasonable costs. With the Envestnet UMA, you can build your own customized model with our specialists and one1099 Form portfolios using anywill combination of more on-one consultations to than identify30 asset classes. You and your clients investment strategiesof SMAs and fund have only from one account to effective Choose the industry’s broadest selection for your clients. open and monitor that holds with strategists, combined any equity, mutual fund, or ETF to fund multiple investments – each model portfolio to create the appropriate blend for your clients. easing administration and tax Connect with us to find out
Efficiencies in Portfolio Management AMP TRAINING AND You can build and save UMA models INVESTMENT CONSULTING and apply them to multiple client Clients areThisthe most accounts. makes it easyvaluable to implement portfolio adjustments, suchof asset in an advisor's book as asset allocation or manager business. PESolutions has built changes, to all accounts associated with a single model. a team of industry specialists
Overlay Management
One Set of Papers and One 1099 Form
You and your client(s) willDaniel have onlyJones one account to open and monitor that Director of Platform Services holds multiple investments—easing administration and tax reporting while 205.268.7011 still providing portfolio diversification. or
As the overlay manager, Envestnet will place trades as necessary when you or the money managers you selected make changes to the investments in the model. The solution also includes ongoing “frictionless” rebalancing without advisor instruction.
Daniel.Jones@proequities.com
What can you Include in a UMA? UMA models can be constructed with equity and fixed income separately managed accounts, third-party strategists, ETFs, mutual funds, or stocks in any combination. Domestic Equity
46.8%
Fixed Income
21.4%
n Large Cap Growth
18.1
n Long Bond
6.4
– Apex Large Cap Growth Mgd. Acct. (18.1)
n Mid Cap Core
– Eaton Vance Build America Bonds A (EBABX)(6.4)
19.3
– Vanguard Mid-Cap ETF (VO) (19.3)
n Small Cap Growth
4.6
– ActivePassive Small/Mid Cap A (APMGX) (4.6)
n Small Cap Core
4.8
– Anchor Small Cap Value Mgd. Acct. (4.8)
International Equity
11.3%
n Intnl Developed Markets
5.5
– BCM Diversified International Premium (3.5) – PMC Manager Blend - International (2)
n Intnl Emerging Markets – MFS Emerging Markets Equity I (MEMIX)(5.8)
n Intermediate Muni
7.4
– Appleton Intermediate Municipal Managed Account (4) – ActivePassive Intermediate Muni Bond A (APMUX) (3.4)
n High Yield Bond
7.6
– BlackRock Long Duration Bond Inv A (BLADX) (4) – PIMCO 0-5 Year Hi Yld Corp Bond Idx ETF (HYS) (3.6)
Other
20.5%
n Commodity
8.7
– Credit Suisse Commodity Return Strat A (CRSAX) (8.7)
11.8
n Other
5.8
– 361 Managed Futures Strategy A (AMFQX) (5.8) – PowerShares Preferred (PGX) (6)
Asset allocation does not ensure a profit or protect against losses. The asset allocation presented illustrates examples of the securities that the portfolio may purchase and the diversity of areas in which the portfolio may invest and may not be representative of any portfolio’s current or future investments.
For Advisor Use Only For more information, go to envestnet.com
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Women Are Ideal Clients for Comprehensive Wealth Management by Chris Phillips, CFA, MBA
Fear and uncertainty abound as investors who have benefited from this unprecedented 10-year bull market are now trying to determine how they will save those historic gains. Research shows that advisors should address these volatility concerns with their clients differently, based on general gender preferences.
As the financial services industry continues to evolve away from a transactional business to a relationship-centered, fee-for-service model, finding the right clients is imperative.
While stock prices have only recently reflected the level of anxiety in the markets, the flow of money into mutual funds and exchange traded funds over the past several years has been revealing. Most investors have gravitated towards stock flows, noticing the robust $165.6 billion in net new assets over the past three years, although the fixed income sector averaged $276.8 billion over the same period.
BENEFITS OF A DIVERSIFIED APPROACH
For every $1.00 investors put in stocks, they stashed away $1.67 in fixed income products.
Looking at market return data dating back to the beginning of 2000, stocks returned an uninspiring 5.40% based on the S&P 500 Index which is
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Moving out of an asset class or market that is perceived to be overvalued can be a prudent move, or at least one based on underlying fundamentals and not simply a change in price momentum of a fickle market. In this world of tactical and strategic methods, a balanced approach would provide the most valuable benefits over the long term.
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wealth management not surprising considering the two dramatic bear markets in recent years. At the same time, bonds returned 5.19% based on the BloombergBarclays US
financial security, appreciate overall financial planning goals, and want to build longterm relationships with their financial professionals.
Men on the other hand tend to view financial decisions narrowly and analytically, and are less interested in comprehensive financial planning. They tend to focus on high-risk investments and shorter-term results, and A diversified, balanced portfolio are less likely to maintain a is compared to both indexes, long-term relationship with their and it yields a higher return than financial professional. either asset class individually – IDENTIFYING see chart above. Aggregate Bond Index. Their performance was similar, however there was a stark contrast in standard deviation, or volatility, of those returns — 17.45% for stocks versus 3.19% for bonds.
WOMEN INVESTORS FAVOR BALANCE
Women tend to choose a balanced approach to investing. The Boston Consulting Group conducted a comprehensive survey of affluent women and found more than 70% of respondents favor a balanced or conservative approach to investing. Women also focus on long-term results and prefer more consistent, less volatile investment returns. They need For Advisor Use Only
APPROPRIATE CLIENTS IN A SHIFTING INDUSTRY
As the financial services industry continues to evolve away from a transactional / commissionbased business to a relationshipcentered, fee-for-service model, finding the right clients to build your business is imperative. It’s important to identify clients who have a long-term focus, need planning assistance, and want to build a trusted relationship with their advisor. Based on recent studies, data points advisors
Based on recent studies, data points advisors to female investors for future business growth.
to female investors for future business growth. If you’re trying to secure a new client or build a custom portfolio for an existing client, our Investment Committee can help you build a diversified portfolio designed to meet individual needs. Reach out to us anytime at PESolutions@proequities.com.
Chris Phillips Director of Advisory Investments 205.268.7040 or Chris.Phillips@proequities.com JoinProEquities.com
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FOR INVESTMENT PROFESSIONAL USE ONLY
How Will You Reach Your
INVESTMENT DESTINATION ? ®
A Nationally Recognized Provider of Income, Growth, & Tax Investment Programs
A N D P RO U D S P O N S O R O F T H E A CLOSED-END INTERVAL FUND
Fund Performance (Thru 9.30.2018) One Year
Five Year
Since Inception2
TI+ Class A
7.88%
7.40%
8.16%
TI+ Class A with Max Sales Charge1
1.68%
6.14%
7.08%
The maximum sales charge for the A shares is 5.75%. Investors may be eligible for a waiver or reduction in the sales charge. 2 Inception date of the A Shares is October 22, 2012. 1
#1 HIGHEST RISK-ADJUSTED RETURN
AMONGST ALL REAL ESTATE FUNDS*
$172 B 3,300+ IN ASSETS PROPERTIES
ALL SECTORS APARTMENT | OFFICE | RETAIL | INDUSTRIAL
87% THAN THE S&P 500**
LOWER VOLATILITY
* Source: Using Morningstar data compiled by Bluerock Fund Advisor, LLC, TIPRX received the highest Sharpe Ratio among 1,237 open end, closed end, and exchange traded funds in the global real estate sector equity category for the one-year period ending 9/30/2018. TIPRX A Shares; no load. Sharpe Ratio is only one form of performance measure. The Sharpe Ratio would have been lower if the calculation reflected the load. **Since inception (10.22.2012) as measured by standard deviation.
The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 2.38% for Class A. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until January 31, 2019 to ensure that the net annual fund operating expenses will not exceed 1.95% for Class A, subject to possible recoupment from the Fund in future years. Please review the Fund’s Prospectus for more detail on the expense waiver. Results shown reflect the full fee waiver, without which the results could have been lower. A Fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. The performance data quoted here represents past performance, and includes all applicable fund fees and expenses. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance data current to the most recent month end, please go online to www.bluerockfunds.com. Investors should carefully consider the investment objectives, risks, charges and expenses of the Total Income+ Real Estate Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained online at www.bluerockfunds.com. The prospectus should be read carefully before investing. The Total Income+ Real Estate Fund is distributed by ALPS Distributors, Inc (ALPS). Bluerock Fund Advisor, LLC is not affiliated with ALPS. Distributions are not guaranteed. Investing involves risk, including loss of principal. Please review the Fund’s prospectus for specific risk and distribution policy information. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the Fund’s shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer.
BLU000XXX For Advisor Use Only
WWW.BLUEROCKFUNDS.COM
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Women Investors May Need a Different Approach to Reach Their Goals contributed by Pershing
Women’s financial influence is stronger than ever. They control roughly two-thirds of annual spending in the US and 75 percent of women feel responsible for day-to-day household spending.
A wide gap exists between what female clients need from advisors — and what they’re actually getting. Women who use financial advisors report high levels of satisfaction and trust, but there is still a need to increase the number of women who use advisors.
that they have been generally neglected and dissatisfied, and financial advisors have a significant business opportunity.
Women have the same financial priorities as men—retiring comfortably, maintaining their current lifestyle, and covering healthcare costs for themselves A SIGNIFICANT BUSINESS or family members. Women face OPPORTUNITY unique challenges — statistically 44% of US women with at least they live longer, earn less, have $500,000 in investable assets fewer savings, and incur higher or at least $100,000 in annual medical costs. There is a troubling income don’t have a financial disconnect between these future advisor. The number soars to realities and many women’s 76% for those under the age of current investment risk posture. 40.1 Combine the financial power Nearly half of women, or 48%, of women with data that indicates For Advisor Use Only
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client acquisition Financial return is a baseline, but women are also seeking a personal and social return with their money through valuebased investments.
characterize their households’ risk tolerance as either very conservative or somewhat conservative. This makes it even more critical for advisors to discuss the topic of risk with women investors.
of risk may seem perilous, this is perhaps the greatest contribution that advisors can make to their female clients.
SHAPING THE RISK CONVERSATION
Still, when surveyed as a group, women investors on average have preferences and behaviors that differ from male investors.
Financial return is a baseline, but women are also seeking a personal and social return with their money through valuebased investments. They want to align their values with their financial resources. CTI research found that 79 percent of women surveyed in the US “want to invest in organizations that promote social well-being.”1
To meet goals for children’s college funding and financial flexibility, as well as prepare for retirement, women need an appropriate asset allocation. While broaching the topic
Women are eager to share their perspectives about why they invest and what they hope to achieve for themselves and the people and causes they care most about. It’s up
All women investors are different. They span every level of risk tolerance and have different concerns.
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INVESTMENTS THAT PROMOTE SOCIAL WELL-BEING
to us advisors to get the right conversations started. For more practice management resources from Pershing, login to NetX360 > Resources > Marketing Center. Inc., “What You Need to Know About Women Investors”, June 2014
1
Randy Vicchio Pershing Practice Management
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Build Credibility on LinkedIn: 3 Profile Wins by Kristina Wilburn
Before meeting with a financial advisor recommended by a coworker, friend, or family member, most people perform an online search to find out more. This makes your digital presence critical to establish credibility and grow your referral business.
Maintaining an updated, userfriendly website with links to your social media profiles increases your online visibility, or search engine optimization (SEO), helping referrals find you. Your online presence can span across several platforms, so it's critical your messaging is consistent and your value proposition is clear, strong, and prominent. Take the time to build a solid online network, as it helps establish your personal brand and helps your search results position for referrals.
FOCUSING ON LINKEDIN
If you’re just getting into the social game and unsure how For Advisor Use Only
much time you want to dedicate to social marketing, focus your efforts on LinkedIn. This is the most professional platform with a majority of college educated users who are generally affluent. LinkedIn serves as your online business card where you can effectively build your brand, improve your SEO efforts, and grow your referral network through existing connections.
LinkedIn serves as your online business card where you can effectively build your brand, improve your SEO efforts, and grow your referral network through existing connections.
UPDATE YOUR PROFILE
Set aside a couple of hours if you’re starting from scratch to adequately complete your profile information, edit appropriate settings, submit for compliance approval, and begin building JoinProEquities.com
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client acquisition your network. Be sure to revisit your profile at least once a year to refresh messaging and add content as needed. Here are three easy wins for an effective LinkedIn profile:
1 2 3
Post a Recent, Professional Headshot – first impressions count, so hire a photographer that puts you at ease and gives you plenty of options for backgrounds, angles, outfits, etc.
from lifestyle content versus brand or industry messages. Lifestyle posts are a bit more time consuming, since you’re generating the content from scratch. But it’s personal and unique to you. Experiment with your content mix to find the sweet spot for engagement, and keep in mind the best time to post on LinkedIn is Wednesdays from 3 - 5pm, according to Sprout Social’s data science team. Our digital marketing vendors help supplement your lifestyle content with industry messages.
Experiment with your content mix to find the sweet spot for engagement, keeping in mind the best time to post on LinkedIn is Wednesday from 3-5pm.
WOMEN ADVISORS LEAD Make Your Summary IN SOCIAL Engaging - clearly define your value proposition in two or three sentences. Don’t just give a laundry list of your services. Draft this from your client’s perspective, so it resonates with your audience. Add Interests – round out your professional expertise with some personality by following companies/influencers you’re passionate about.
THE SWEET SPOT FOR CONTENT MIX
Hearsay conducted their Social Media Content Benchmark Study (2018) and found that advisors saw higher engagement rates For Advisor Use Only
According to the Putnam Investments Social Advisor Survey (2017), female advisors are gaining more clients from their online networks because they are generally more active on social media. This demonstrates that the level of engagement (or the time you spend connecting on social media) makes a dramatic difference in your success rate. Being active and engaged on social media will not open the flood gates to new clients, but it might prevent you from losing prospective new ones. In a business that relies heavily on referrals, it’s important to establish your credibility online, so you land the initial client meeting and begin building trust offline.
Kristina Wilburn Director of Communications 205.268.3141 or Kristina.Wilburn@proequities.com JoinProEquities.com
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Candid Conversation with Katie Waters
This savvy, fee-based advisor experienced tremendous year-over-year growth by getting out of her own way. She understands the nuances of building trust with her female clients and believes her success lies in perseverance and grit. What inspired you to break into the financial services business? I had a memorable finance professor at the University of Georgia. He was in his 30s and turned the class into a practical application of the time value of money. I remembered having an “aha!� moment thinking that this was the material they never teach us in school, and I should pay attention. Later, I was recruited by an insurance-based firm in Atlanta and thought it might be an opportunity to create a practice teaching others those same valuable lessons. Women represent 16% of the financial advisor population. You’re in a unique position to inspire other women to join the profession. Has this impacted your hiring decisions? It has only been in the past year or so that I have realized my ultimate career fulfillment will come through shepherding other women into advising and client-facing roles. In many ways, I banged on the door of the good ole boys club and still do. It was so refreshing to find that the ProEquities For Advisor Use Only
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practice management executive team is full of female champions and willing to commit resources to recruiting women and building networking opportunities among our community.
Cara came with me to the APEX conference in Nashville, and that was the best money I have spent. ProEquities has created the Women’s Reviewing session notes at the 2018 APEX conference. Networking Forum for female advisors to share practice management enhancements many of those approaches were geared toward that fuel their business. Have you found this men. Women see through fake attempts at Forum to be a helpful tool? building relationships and need a solid foundation built on trust and history. It takes time. It has a ton of potential. I hope to see more encouragement to recruit women advisors from I have found that women clients are excellent other fields. And I believe that ProEquities is planners as well and are already thinking ahead. supportive of the ultimate goal in growing the They want to be educated about their investments, female advisor demographic. expect thorough communication, and seek out a partnership with their advisor. If you can build On a side note, Cara came with me to the APEX that relationship of mutual decision-making, you’ll conference in Nashville. I wasn’t sure I wanted have a loyal client (hopefully) for life. to commit the time and money toward the conference having never attended, but that was Do you find that having a CFP® designation the best money I have spent. gives you an advantage? As independent practitioners, we often feel so siloed. To go and be among peers for networking sessions, mentorship discussions, and overall encouragement is priceless. The APEX conference will be on our calendar forever to make sure we’re there.
100%. I do believe the CFP® Board has done an excellent job with name recognition and marketing. The educational process alone made me a better planner. I started the coursework after I had been practicing for eight years, and I think having that experience behind me was an advantage.
Our current issue is about women and The test (and overall process) was one of the investing — have you found that different hardest things I have ever taken on, and because approaches work with female vs male clients? of that, it’s one of my proudest accomplishments. During the coursework, my husband and I Absolutely. In business school, we spent so much miscarried for the third time in two years, I was time learning how to build rapport and entertain diagnosed with Lupus, and also decided to have clients. It didn’t take long for me to realize that major knee surgery that I had put off for more than For Advisor Use Only
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practice management 10 years. I remember sobbing to my husband that I needed to postpone the coursework and pick it up the next year, and he forbade me to quit. He told me I needed to persevere and that I would be thankful later. He was right. I needed the distraction and the designation. I’ll forever be grateful for his not-so-subtle cheerleading.
launching their own robo-advisor, so the program was no longer a good fit. But the blog posts did drive people to my website, and I landed a few clients – including one of my editors!
I have found that women clients are excellent planners and are already thinking ahead. They want to be educated about their investments, expect thorough communication, and seek out a partnership.
I got out of my own way. I hit a great rhythm with my assistant and started delegating everything I could to her. I adopted the mantra “done is better than perfect” and actually lived by it. I encouraged her to make mistakes, to learn from them and grow, and it freed up so much time to work with the deluge of referrals that were coming my way.
You’re savvy about positioning yourself as a leading expert through community workshops and blog posts for DailyWorth — every woman’s guide to money, career, and business. How did you tap into these opportunities?
I also read the book “Essentialism: The Disciplined Approach to Doing Less,” by Greg McKeown, and it reshaped my thinking. Once I shifted my mentality from solo practitioner to business owner it was time to add another assistant, and we were off to the races. After 12 years it feels different now, and I know that’s because of the mental shifts I have worked hard to make.
You demonstrated almost 60% year-over-year production growth last year. How did you do it?
You know the saying about people not recognizing opportunity because it’s dressed in overalls and looks like work? I believe it. I have always stayed So really, the answer is grit. And unfortunately, attune to the slightest possibility of an opportunity, I believe you have it or you don’t. I have a long and I follow through. bloodline of significant work ethic from blue collar workers who never said “no” or “later,” and I feel Most recently, I bought a desk off of a Facebook a strong obligation to carry that on. ad for one of my assistants and when I met the seller, found out she was the academic Katie Waters, CFP®, is an independent advisor championing female finance majors financial advisor affiliated with ProEquities. at the University of Georgia. I followed up with She can be reached at 770.377.9834 or lunch (twice) and worked with her to develop an katie@stablewatersfinancial.com. internship program, which she championed for finance course credit approval. With DailyWorth, I was an avid reader. When I saw a footnote about looking for a contributor, I jumped on the opportunity. The program ultimately changed and DailyWorth ended up For Advisor Use Only
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SAVE DATE THE
MARCH 24-27, 2019
•
LOEWS SAPPHIRE FALLS RESORT AT UNIVERSAL ORLANDO TM
Help deliver a better client experience, increase profitability, and improve effectiveness by adjusting UNIVERSAL CONCEPTS into CUSTOM FOCUS. APEX is designed for advisors, branch managers, and support staff. Registration opens in January.
For Advisor Use Only
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Bridging the Gender Divide: How to Recruit Female Advisors by Deb Grier
When I started in this business back in 1990, women made up less than 25% of financial advisors.1 Throughout the years, I have seen that number rise and fall, but we do seem to be gaining some momentum.
Building a diverse, inclusive network of financial advisors creates the right climate to capture a more diverse client population.
Whether you have a practice that is primarily female or male, it’s so important to diversify your practice. From a recruiting perspective, there is a serious need for more financial advisors in general, and there’s a definite gap in the ability to find, recruit, and retain female advisors.
• 23% of Certified Financial Planners are women (this stat has been flat for a decade)
There has definitely been a shift in the number of women in the workplace over the years with the growing demand for two income families. This is important BY THE NUMBERS because women control 51% of Based on recent statistics from the total US wealth. With only Cerulli Associates and CFP 16% of female advisors in the Professional Demographics, workforce, there is a significant here is where our industry opportunity for firms to increase stands now: the number of women advisors • 16% of the total financial to help meet the needs of advisor population is made affluent female clients. up of women For Advisor Use Only
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practice management A DIVERSE WORKFORCE IMPACTS YOUR BOTTOM LINE
Female advisors contribute unique and positive business gains. They tend to focus on providing value to their clients and are more likely to practice goals-based planning. Female advisors generally build a strong, personal rapport with their clients and are quicker to adopt technologies that create operational efficiencies. Attracting female advisors to your firm is a smart way to position your business for the future. Building a diverse, inclusive network of financial advisors creates the right climate to capture a more diverse client population.
KEYS TO RECRUITING WOMEN
Because there are so few female advisors, it can be challenging to recruit them. Women are also very loyal, so it may take some time to persuade them to make a move to your firm. When you’re building your team with female advisors, make sure your firm’s structure can properly support female advisors through: • Flexible work schedules • Embracing a balance between work and life demands • Formal mentorship programs For Advisor Use Only
I encourage advisors who want 1Cerulli Associates, “US Advisors to recruit women to attend local Edge: Womens Advisors Issues” college career days, especially (January 2017) schools that have a financial planning curriculum — the number of CFP programs on campuses Women are very is growing. Having a formalized loyal, so it may internship program can help take some time to attract a younger generation persuade them to of professionals. Encourage advisors within your organization make a move to to reach out to their network and your firm. promote your firm among female students and peers.
FEMALE ADVISORS AT PROEQUITIES
ProEquities is committed to helping success-oriented female advisors develop and grow their business. Our Women’s Networking Forum is one of the initiatives that provides dedicated support to our female advisor population, facilitating collaboration and networking among ambitious women with similar goals and challenges. If you’re ready to grow your business and focus your recruiting efforts on women advisors, we have a guide that walks you through creating your value proposition and putting together your strategy. Contact me if you’d like a copy. My team is here to help support your recruiting efforts.
Deb Grier Regional Director of Recruiting / Branch Office Development 205.268.4494 or Deb.Grier@proequities.com JoinProEquities.com
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Alabama Firm Builds Peer Groups for Advisors by Heidi Werner
as seen in Financial Advisor Magazine, May 2018 ProEquities is taking a new approach in developing the client-advisor relationship by establishing advisory groups aimed at improving a customer’s journey throughout the financial planning experience.
The independent RIA and broker/ dealer announced the launch of two new peer-advisory groups, which will boost the influence of millennial and female advisors by helping them build their businesses and acquire new clients. The firm currently serves 700 independent financial advisors and has $16 billion in assets under management.
A GROUP FOR FEMALE ADVISORS
One new group is the Women’s Networking Forum, which consists of 100 advisors from the firm’s community of advisors and offers both an in-person and virtual forum. Advisors will discuss topics such as client acquisitions, retention For Advisor Use Only
and succession planning, plus information particularly pertinent to female advisors at all stages in their careers. Monique Castillo of Higher Ground Financial Services, based in Philadelphia, recently transitioned to ProEquities. She serves a broad range of clients, but represents more women than men, and she has approximately $20 million in client assets. Castillo participates in financial literacy education in the Philadelphia community.
I have received coaching and advice that I have already implemented into my practice.
Monique Castillo
“Having recently transitioned to independence and affiliated with ProEquities, I have found the [Women’s Networking Forum] to be an incredible tool,” she said. JoinProEquities.com
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resources and support “Participating has not only provided me the opportunity to interface with women who face the very same challenges and opportunities I contend with on a daily basis, but I have also received actionable practice management coaching and advice that I have already implemented into my practice.”
A GROUP FOR MILLENNIALS
Licensed advisors age 25 years old or older affiliated with ProEquities will participate in the Millennial Leaders Study Group. This group will function as a cooperative team working to boost the financial industry knowledge of its members and offer professional networking opportunities. Peerto-peer networking calls and monthly industry professional development webinars will supplement an in-person session at the ProEquities annual APEX conference. Zack Van Zant of Financial Solutions, based in LaGrange, Ky., started working full time as a financial advisor at the age of 22. Through internships with financial firms in college, Van Zant, now 25, holds a certified financial planner certification. His client assets total approximately For Advisor Use Only
$20 million, and he primarily Cristi Meyers will develop serves millennial and Gen X and manage the Practice clients. Management Group. Its goal is to provide all advisors with “I am very excited to be part of resources and guidance when the Millennial Leaders Study engaging millennial advisors Group, which has allowed me to and clients, as well as women both gain valuable insights from advisors and investors in all longtime industry veterans and stages of financial planning. share best practices with other young advisors like myself who are new to the financial services I no longer feel industry,” he said. like I’m alone He added, “Though I’ve only been involved with the group for a short time, I’ve learned so much already, especially about client acquisition and prospecting, and no longer feel like I’m alone because I can now share the challenges and joys of growing a financial practice with a group of my peers.”
THE PRACTICE MANAGEMENT GROUP
because I can now share the challenges and joys of growing a financial practice with my peers.
Zack Van Zant
OTHER PROGRAMS IN THE WORKS
ProEquities is also in the The firm also announced the process of creating a businessdevelopment of the Practice coaching program that will Management Group, a resource assist new advisors in adapting network connecting the home to the fiduciary environment. office staff and the management The programs will also team to the firm’s advisors develop advisory boards for nationwide. The group is a top performing advisors and supportive platform for advisors sales assistants. A customer in the ProEquities community experience group is also in the to share ideas on customer works that will examine how retention and training new to create the best customer advisors. experience for its clients and will serve as a guideline for advisors. JoinProEquities.com
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MAXIMUM OFFERING AMOUNT: $2.5 billion GROSS PUBLIC OFFERING PRICE: $9.551
1.
As of 3/31/18. Pursuant to the terms of the ORCC II prospectus, the share price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current ORCC II prospectus as amended and supplemented for disclosures relating to the share price (referred to as the “public offering price� in the prospectus).
This is neither an offer to sell nor a solicitation of an offer to buy any securities described herein. Only a prospectus for Owl Rock Capital Corporation II can make such an offer. Neither the SEC, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Owl Rock Capital Securities LLC, member of FINRA/SIPC, as Dealer Manager.
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ProEquities Raised $26K For Local Non-Profit in Bermuda During The Elite Summit by Ellen Michael
By incorporating charity work into our Elite Summit recognition trips for the last three years, our firm is able to demonstrate one of its core values — serve people. The funds raised in Bermuda benefit the Coalition for the Protection of Children’s Breakfast for Every Child program which serves 100,000 meals every school year.
ProEquities raised $26,000 for the Breakfast for Every Child program run by the Coalition for the Protection of Children (CPC), a Bermuda-based nonprofit. The funds were donated as part of a benefit attended by qualifiers of the firm’s Elite Summit trip for top-performing financial advisors, which was held June 27 to July 1 in Southampton, Bermuda. The CPC’s Breakfast for Every Child program provides 100,000 breakfasts each school year to qualifying children in kindergarten through middle school. Since its inception, the program has dramatically For Advisor Use Only
boosted the test scores of participating students.
SHAPING OUR COMPANY CULTURE
During this year’s Elite Summit trip, there was a small silent auction, though our fundraising efforts were dominated by attendees making financial donations via pledge cards, totaling $26,000 in donations. This comes on the heels of raising $18,290 in 2016 for Ronald McDonald Charities and $37,575 in 2017 for Casa Hogar.
We encourage everyone who is part of the ProEquities community to foster authentic human connections in their professional, personal, and philanthropic interactions, because that leads to a better world for all of us.
Chris Flint said, “We are a financial services firm that believes in being client focused, JoinProEquities.com
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resources and support maintaining integrity in all our actions, and helping others, and we want to attract and retain advisors who share these same core beliefs. It would be hard to find a more deserving cause than helping low-income students receive a healthy breakfast, which is the most important meal of their academic day.” “The donations to the CPC reflect our philosophy of serving people with our heart, mind, and shared resources,” Flint continued. “We encourage everyone who is part of the ProEquities community to foster authentic human connections in their professional, personal, and philanthropic interactions, because that leads to a better world for all of us.”
For Advisor Use Only
SUPPORTING LOCAL COMMUNITIES WE VISIT
ProEquities has incorporated local charity work for families and children into its annual Elite Summit trips for the last three years. In 2016, attendees in Monterey, Calif., participated in a live auction and raffle to raise money for the Ronald McDonald House. In 2017, attendees in Los Cabos, Mexico, participated in a benefit for Casa Hogar, a local orphanage for abused and neglected children.
We plan to continue our charitable mission at next year’s Elite Summit, which will be held in Jackson Hole.
Flint concluded, “We plan to continue our charitable mission at next year’s Elite Summit. It is an opportunity to help deserving causes in need and to keep living up to the broader culture of social responsibility that our parent company, Protective
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Life, embodies through its Protective Life Foundation for community-based charity and volunteerism.�
2019 RECOGNITION TRIP
Next year The Elite Summit will be held in Jackson Hole, Wyoming on July 10-14, 2019. The Elite Summit is by invitation only for advisors with $400K+ in fees and commissions for 2018.
For Advisor Use Only
Qualification guidelines are posted to Advisor Portal > Business Resources & Technology > Events & Conferences > The Elite Summit. The criteria may change, based on potential shifts in industry regulations.
Ellen Michael Marketing & Communications Director 205.268.3106 or Ellen.Michael@proequities.com
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ProElite Continues to Upgrade Your Experience Your Enhanced Lifeline to Business Success: 1.833.58.ELITE (Live on January 1, 2019)
Express Lane to Answers — ProElitePartners@proequities.com In response to your feedback for more meaningful service levels, the ProElite program has been reimagined to strengthen and deepen the relationship we share with you and your support team. ProElite includes three distinct service levels, depending on your prior year’s production.
Relationship Manager Paulette Farquhar
The grid below outlines each ProElite partner status and the associated benefits.
ProElite Partner Benefits Call Priority Service Our team talks to you first, decreasing on-hold time
ProElitePartners@proequities.com
Plus
Premier
Platinum
$200K-$399K GDC
$400K-$799K GDC
GDC > $800K
$750
$1,000
$1,500
Priority Processing Account paperwork is placed in an expedited queue
Practice Management Consulting Small-business consulting services and ongoing accountability coaching
FundDiagnosticSM Personalized report to evaluate performance of the mutual funds and ETFs held in your advisory accounts, including an analysis of C-share holdings
PESolutions Consulting Customized review of your advisory business and financial planning practices
ProLytics Business intelligence platform that calculates practice valuation, powered by Truelytics
APEX Conference Incentive National conference designed around achieving practice excellence (incentives based on 2018 GDC)
The Elite Summit Eligibility Annual recognition trip for top advisors, based on 2018 GDC
For Advisor Use Only
1 hotel night
2 hotel nights
3 hotel nights
extra amenities
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Embrace Digital. Grow Your Practice. Investors today are actively engaged. They want to know more about their investing options and better understand their personal finances. They want control, transparency, and access. In this 24/7 information driven environment, advisors need to embrace digital solutions. They need to connect with investors on different levels and demonstrate that their advice is essential.
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For Advisor Use Only
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Did You Get My Text? by Steve Youhn
We’re consistently aiming to enhance the overall client experience. Our partnership with CellTrust and Smarsh enables compliance-approved text messaging with clients at no additional cost to advisors.
Based on the growing need to meet clients where they are by communicating via text messages, ProEquities has partnered with CellTrust and Smarsh to roll out a new texting solution for client communication. There will be no additional charge for the service, and messaging will be implemented within regulatory guidelines.
ENHANCING THE CLIENT EXPERIENCE
This new solution strengthens our suite of digital capabilities and offers advisors yet another tool to enhance the overall client experience. CellTrust has a mobile app that allows advisors to use the new text messaging service on their existing smart phone. More importantly, the new service gives advisors the For Advisor Use Only
ability to keep their personal and business text messages separate.
Based on the growing need to meet clients where they are by communicating via text messages, ProEquities has partnered with CellTrust and Smarsh to roll out a new texting solution for client communication.
ROLLOUT DETAILS COMING SOON
ProEquities will provide instructions for phone number assignments and CellTrust app download to advisors who would like to text with clients. We’re working closely with CellTrust and Smarsh to pilot the functionality with several home office team members. Once the process has been tested, the software will be offered to all advisors who express interest. We are pleased to offer this enhancement and excited for the additional functionality this gives advisors to effectively serve their clients.
Steve Youhn Chief Compliance Officer 205.268.3369 or Steve.Youhn@proequities.com JoinProEquities.com
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Welcome New Advisors
NAME
PREVIOUS FIRM
LOCATION
Danny Allday
OneAmerica Securities
Metairie, LA
Sean Butler-Galliera
Foresters Equity Services
Woodland Hills, CA
Vince Catalano
Lincoln Financial Advisors
Camp Hill, PA
Lourdes Chaiveera
Foresters Equity Services
Huntington, CA
David Fultz
Signator Investors
Chadds Ford, PA
Terry George
Ameriprise Financial Services
Rochester, MN
Steve Jung
Foresters Equity Services
Conroe, TX
Alan Katz
Signator Investors
Warrington, PA
Brian Kennedy
Lincoln Financial Advisors
Camp Hill, PA
Freddy Martinez
Foresters Equity Services
South Gate, CA
Greg McMullen
Foresters Equity Services
San Diego, CA
Ron Ormonde
Foresters Equity Services
Visalia, CA
Willie Racelis
Foresters Equity Services
San Diego, CA
Emilio Valdez
Foresters Equity Services
Westminster, CO
Tad Yasuoka
Foresters Equity Services
Torrance, CA
Bob Yockin
Lincoln Financial Advisors
Camp Hill, PA
For Advisor Use Only
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Talk to a Business Development Consultant about joining us. Call us at 866-933-2163, or email Join.Us@proequities.com.
Speak to an advisor service associate or reach a ProEquities team member.
Call 800.288.3035, or email by using this general rule: Firstname.Lastname@proequities.com. About ProEquities Founded in 1985, ProEquities, member FINRA/SIPC, is an independent RIA with a broker/dealer and headquartered in Birmingham, Alabama. This wholly owned subsidiary of Protective Life supports more than 700 independent advisors nationwide in serving their clients. ProEquities and its partner firms help you maximize your effectiveness as an independent financial advisor. Learn more about our advisor-centric financial services and find out how we can help optimize your business.
ProEquities, Inc. 2801 Hwy 280 South Birmingham, AL 35223
We Listen. We take the time to listen so we can work with you to develop a solution for your financial needs. We Think. We consider what you tell us and ask clarifying questions so that we truly understand your overall objectives and the unique challenges that stand between you and your dreams. We Respond. Only then do we reply...not with a cookie cutter answer but with a personalized action plan...a roadmap that will help lead you in the direction you want to go.
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